UBS Luxembourg Mutual Fund Disavows Responsibility for Madoff Losses

UBS has distanced itself from responsibility for clients’ unspecified losses in one of its Luxembourg mutual funds that invested in Bernard Madoff’s funds, the Financial Times reports. The marketing and subscription documents for the $1.4 billion Luxalpha Sicav fund state that it is not UBS that is responsible for fund losses but U.S. broker/dealer Access Management.

However, some are questioning the accuracy of those documents, since European regulations require asset managers to safeguard investors’ money.